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A farmer has 120lbs of apples and 50lbs of potatoes for sale. The market price for each day is a random variable with a mean of 0.8
A farmer has 120lbs of apples and 50lbs of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mean of 0.8 dollars and a standard deviation of 0.3dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him 3 dollars to bring all the apples and potatoes to the market. The market is busy with shoppers, so assume that he'll be able to sell all of each type of produce at that day's price. Complete parts a) through d). Make sure to consider all necessary assumptions before calculating.